{"id":272167,"date":"2023-12-02T19:30:35","date_gmt":"2023-12-02T14:00:35","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=272167"},"modified":"2023-12-02T19:32:42","modified_gmt":"2023-12-02T14:02:42","slug":"on-the-state-of-indias-economy-patchy-expansion","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/on-the-state-of-indias-economy-patchy-expansion\/","title":{"rendered":"On the state of India\u2019s Economy \u2013 Patchy expansion"},"content":{"rendered":"

Source:<\/strong> The post on the state of India\u2019s Economy has been created based on the article \u201cPatchy expansion\u201d<\/strong> published in \u201cThe Hindu\u201d on 2nd December 2023.<\/p>\n

UPSC Syllabus Topic: GS Paper 3<\/strong> Indian Economy \u2013 Growth.<\/p>\n

News:<\/strong> The article discusses the recent data released by the NSO regarding the state of the Indian economy in Quarter 2 (2023-24).<\/p>\n

What are India\u2019s macroeconomic figures for Quarter 2 (2023-24) released by the NSO?<\/strong><\/h2>\n

GDP Growth Rate: <\/strong>The latest provisional estimates of GDP for the July-August-September quarter project GDP growth rate at 7.6%.<\/strong><\/p>\n

\"\"<\/p>\n

Source:<\/strong> TOI.<\/p>\n

GVA Growth Rate: <\/strong>Gross Value Added (GVA) across 8 broad sectors of economy registered a 7.4%<\/strong> expansion.<\/p>\n

High-Growth Sectors: <\/strong>Double-digit expansion was seen in the manufacturing, mining and quarrying, construction and utilities sector.<\/strong><\/p>\n

\"\"<\/p>\n

Source:<\/strong> TOI.<\/p>\n

Slowdown in Agriculture Sector: <\/strong>The agriculture, livestock, and fishing sector experienced contraction for the third consecutive quarter. It also witnessed a significant slowdown in year-on-year growth, dropping to just 1.2%<\/strong>. This highlights the severe financial uncertainty affecting people reliant on farming and related activities in rural areas.<\/p>\n

Slowdown in Services Sector: <\/strong>The trade, hotels, transport and communication, and the financial and realty services sectors, two crucial components of the service industry, experienced a decline in growth. This suggests that the post-pandemic recovery in services might be losing momentum.<\/p>\n

Slowdown in Private final consumption expenditure: <\/strong>Private consumption spending, the single-largest component of demand in the economy, is also encountering challenges. Its growth notably decelerated to 3.1%<\/strong>, down from 6% in the previous quarter. This is because rural demand remained affected by a below-average monsoon.<\/p>\n

Public Spending-fuelled Growth: <\/strong>The recent surge in the economy can mostly be attributed to the boost provided by government spending (both in terms of consumption demand and asset-creating capital investments).<\/p>\n

Policymakers must focus on expanding the base of growth in order to maintain the current pace as well as reduce inequality.<\/p>\n

Question for practice:<\/strong><\/p>\n

Despite high GDP growth rates, India\u2019s growth story has been one of non-inclusive growth. Discuss.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post on the state of India\u2019s Economy has been created based on the article \u201cPatchy expansion\u201d published in \u201cThe Hindu\u201d on 2nd December 2023. UPSC Syllabus Topic: GS Paper 3 Indian Economy \u2013 Growth. News: The article discusses the recent data released by the NSO regarding the state of the Indian economy in… Continue reading On the state of India\u2019s Economy \u2013 Patchy expansion<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,8184,11892],"class_list":["post-272167","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-indian-economy","tag-patchy-expansion","entry"],"jetpack_featured_media_url":"","views":{"total":12,"cached_at":"","cached_date":1701561214},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/272167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=272167"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/272167\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=272167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=272167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=272167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}